Australia's Star Entertainment announced on Wednesday that its refinancing agreement with Salter Brothers Capital, valued at up to A$940 million ($590.70 million), has been retracted. The troubled casino company stated that certain conditions required for the Salter Brothers proposal were unlikely to be met in time to address its immediate liquidity needs. Specifically, the firm mentioned the inability to fulfill the "lender requirements for specific priority arrangements and enforcement rights" concerning the proposed security over non-gaming assets.

Moving forward, Star Entertainment is now exploring a new refinancing option with U.S.-based casino group Bally's Corp starting from March 10. This potential deal involves a A$250 million recapitalization plan that could grant Bally's Corp majority control of the company as Star strives to avoid voluntary administration and bolster its liquidity in the near future. The financially strained company remains unable to file its half-year results due to the absence of a suitable refinancing proposal, raising concerns about its ability to sustain business operations in the long run.

Please note: All currency values mentioned are based on the exchange rate of $1 = 1.5913 Australian dollars.